Charts Say Stock Swoon May Have Farther to Go

The market is taking a beating, but this is not the time to panic. Think orderly liquidation, instead.

With the Standard & Poor's moving below a key support level to join the Nasdaq in decline, it is a good bet that a market correction has begun. It's still quite premature to talk about bear markets, however.

While it may not a good time to buy, is it the time to sell? If you are a short-term trader, yes, it is. But if you are a long-term investor the answer is not yet. Here's what I am watching.